Most people rent their houses on a short-term lease, mostly for 12 months. But for a lot of others, long-term home renting is the better option. It has many benefits (as well as some drawbacks). And if you are considering renting on such a basis, then you should know about the advantages and disadvantages.
Pros of Long-Term Renting
Stability and Security
The first advantage of long-term home renting in Calgary is that you get superb stability. That means you won’t have to worry about finding a new place to stay every 12 months if your landlord refuses to renew the rental lease. This is great if you know you are going to stay in the same locale for a long time, that is, your job is stable, your kids have already joined a nearby school, or if your long term life plans don’t require you to move anywhere else.
The second benefit is that you will be saving a lot of money in the wrong run. Many landlords offer discounts on rent if you are willing to extend the renting duration while signing the agreement; this gives them an opportunity for a stable inflow of cash. Additionally, you will save money on moving to other places, too.
Pleasant Renting Experience
Lastly, if you have a good landlord, then your experience can be blissful. You get a chance to continue with the same landlord for longer. Moreover, if you two get along well, then it can also earn you many benefits in terms of renting, from lower rental hikes to straightforward maintenance and repairs.
Cons of Long-Term Renting
However, everything has some drawbacks, and long-term home renting is no exception. Here, the first drawback is that you will be bound to the place for a few years. If you rent the wrong house, if you decide to pack up and move to another city because you switched jobs or joined a school, or if your landlord is not a pleasant individual to deal with, then long-term renting can be a prison.
The second drawback is that there is a possibility of a higher rental security deposit during the singing of the rental agreement. This is not that big of an issue as you will be reimbursed for the money at the end of your tenancy, but the upfront cost of it can be a hurdle for many. So, you should consider this cost before signing the rental agreement.
Potentially Costly Upkeep
Sometimes, if you are looking at a long-term lease, then the landlord might change some rental agreement clauses to put maintenance and other repair expenses under your responsibilities since you will be staying there for many years. This can be a hindrance as one of the benefits of renting is that you don’t have to worry about such maintenance calls.
All said and done, you must consider the pros and cons of long term renting. It is an excellent option if you want to rent a place for a long time, but it might not work for you for a few reasons. But if you are looking for rental properties in Calgary, give Rental Advisors a call. We can help you find the right place for you that works for your budget while also complimenting your lifestyle and goals.